TORONTO, ON / ACCESSWIRE / June 6, 2023 / Northern Superior Resources Inc. ('Northern Superior' or the 'Company') (TSXV:SUP)(OTCQX:NSUPF) is pleased to report the final assay results for nine holes completed on the Falcon Gold Zone ('FGZ') on its large (20km x 15km) 100% owned Lac Surprise property, located within the Chibougamau gold camp, Québec.
Highlights Include (Grades uncut; lengths measured along hole, Table 1):
- DDH LCS-22-075 returned 0.90 g/t Au over 59.0 metres, from 86.0 to 145.0 metres, including 3.23 g/t Au over 4.2 metres from 96.5 to 100.7 metres and including 3.67 g/t Au over 4.5 metres from 126.0 to 127.5 metres;
- DDH LCS-22-077 returned 0.73 g/t over 61.0 metres from 233.5 to 294.5 metres, including 6.67g/t Au over 1.5 metres from 264.0 to 265.5 metres;
- DDH LCS-22-073 returned 0.82 g/t Au over 36.4 metres from 68.8 to 105.2 metres; and
- DDH LCS-22-091 returned 0.87 g/t Au over 27.4 metres, from 300.1 to 327.5 metres, including 2.22 g/t Au over 6.5 metres from 321 to 327.5 metres.
Simon Marcotte, President & Chief Executive Officer of Northern Superior, commented: 'The results released today from the Falcon Gold Zone reinforce the striking similarities it shares with IAMGOLD's Nelligan gold deposit, which is located only 2 kilometres to the east. Nelligan recently witnessed a 72% increase in its NI-43 101 resource estimate following an additional 22,000 meters of drilling, and now encompasses a total of 1.9 million ounces in the indicated category and 3.6 million ounces in the inferred category, using a 0.35 g/t cut off. We also note that the robust thickness and remarkable vertical and lateral continuity observed in the Falcon Gold Zone emphasizes how the deposit allows for an easy conversion of near-surface gold ounces. The Company has set its sights on conducting a maiden resource estimate for the Falcon Gold Zone, subsequently to the resource estimate on the Philibert Project, which is only 9 km from the Nelligan.'
 Independent Technical Report for the Nelligan Gold Project, Quebec, Canada, February 22, 2023. Prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects Technical Report for IAMGOLD Corporation (IAMGOLD) and Vanstar Mining Resources Inc. (Vanstar) by SRK Consulting (Canada) Inc. (SRK).
Definition Drilling Program Confirms Grades and Widths
The Company completed 11 definition core drill holes in this program designed to test the near surface continuity and depth extension of the FGZ. All eight (8) holes reported in this release were successful in intersecting gold bearing zones highlighted by drill hole LCS-22-075 located in the central portion and near surface of the FGZ intersected 0.90 g/t Au over 59.0 metres, LCS-22-077 drilled down dip on the same easting returned 0.73 g/t Au over 61.0 metres, and hole LCS-22-073 drilled up dip on the same easting, but drilled north versus south due to the ground conditions, returned 0.82 g/t Au over 36.4 metres again highlighting the robust thickness and consistency of the FGZ (see Figure 1 and 2). Drill hole LCS-22-091 also tested the central portion of the FGZ at a vertical depth of 230 metres and returned 0.87 g/t Au over 27.4 metres. A possible new zone was also intersected further downhole in hole LCS-22-091 which returned 1.23 g/t Au over 7.5 metres and again further downhole the Épervier Zone returned 5.29 g/t Au over 2.6 meters including 17.05 g/t Au over 0.8 metres.
Drill hole LCS-22-074 located near the eastern extent of the zone and at a vertical depth of 170 metres returned 0.66 g/t Au over 22.5 metres and hole LCS-22-076 drilled 40 metres west, but near surface, returned 0.50 g/t Au over 10.0 metres for the FGZ and 0.43 g/t Au over 9.1 metres from the Footwall Zone ('FWZ'). Near the west-central portion of the FGZ hole LCS-22-072 returned 0.49 g/t Au over 40.3 metres, including 2.79 g/t Au over 3.5 metres. Drill hole LCS-22-090 tested the west side of an interpreted fault that offsets mineralization and intersected a weakly mineralized FGZ with 0.24 g/t Au over 19.0 metres.
The FGZ is associated with a silicified-sericitized greywacke host rock. It is oriented approximately east-west and dips steeply (70-80 degrees) to the south. Characteristics defining the mineralized zone include the presence of silicification, sericitization, and pyrite, traceable along the whole 900 metres of strike length and 380 metres vertical depth. Higher gold and silver grades within the FGZ are spatially associated with smoky grey quartz veins and silicification, often containing molybdenite and pyrite, enveloped within strong sericite-carbonate-pyrite alteration. Higher grade intersections are shown in Figure 1, 2 and Table 1 below, and collar locations in Appendix Table 1. The mineralization style, gold grade and thickness have strong similarities to the Nelligan Gold Zone located 2 kilometres to the east of the FGZ.
Table 1: Reported Assay Results, Falcon Zone; true width is estimated as 50-70% of the reported core length.
Exploration Drilling Program
The Company completed 12 exploration drill holes on the Lac Surprise property to test regional targets and follow up drilling on the newly discovered mineralized trend associated with the Guercheville Deformation Zone ('GDZ'). Located north of the Falcon Zone, this broad weakly anomalous gold trend is defined by drill holes completed historically and by the Company in recent years including hole LCS-19-003ext., which returned 1.15 g/t Au over 9.5 metres. Included in this release are hole LCS-22-081 drilled 70 metres west of LCS-19-003ext which returned 1.84 g/t Au over 11.5 metres, including 18.5 g/t Au over 1.0 metre, and 80 metres to the east of LCS-19-003ext, hole LCS-22-080 which returned 0.78 g/t Au over 14.5 metres within a broader interval that returned 0.41 g/t Au over 31.9 metres (see Table 2 and Figure 3). Mineralization shows strong similarities to the FGZ mineralization including similar host rocks and structural setting.
Exploration drilling followed up on previous exploration work northeast of the Amber Showing, where a historic intersection returned 0.82 g/t Au over 11.5 metres. Three drill holes tested this trend over 350 metres along strike, with the most eastern hole LCS-22-086, returning 0.65 g/t Au over 10.5 metres, LCS-22-085 returning 0.27 g/t Au over 19 metres including 0.80 g/t Au over 4.0 metres, and LCS-22-084 returning 4.06 g/t Au over 0.5 metres and 0.47 g/t Au over 3.0 metres (see Table 2 and Figure 4). The mineralized trend is associated with deformed and altered felsic porphyry dykes within gabbro host rocks and is open along strike and down dip.
Other exploration holes intersected weakly anomalous gold values and the Company is working to integrate the new data with the already existing large geological database for future exploration targeting. Table 2 below includes highlights from the exploration drill program. See Appendix Table 1 and 2 for complete results and collar locations.
Table 2: Exploration Drilling Assay Highlights; true width is not known.
Sampling and Laboratory
True widths of the intercepts reported in this press release have yet to be determined but are estimated to be 50% to 70% of reported core lengths. All NQ-size split core assays reported were obtained by fire assay with atomic absorption finish and samples returning values over 3 ppm Au are re-analyzed, utilizing standard Fire Assay-Gravimetric methods. Samples were shipped to ALS, SGS and AGAT Laboratories (ALS sample preparation done in Sudbury, ON and/or Val-d'Or, QC and analysis done in Vancouver, BC.), AGAT Laboratories (sample preparation done in Val-d'Or, Québec and sample analysis done in Mississauga, ON) and SGS Laboratories (sample preparation done in Val-d'Or, QC and sample analysis done in Vancouver, BC). The quality assurance and quality control protocol include insertion of blank or standard every 20 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples inserted by the laboratories during the analytical process.
The technical content and scientific aspects of this press release have been reviewed by Ms. Sarah Dean (P.Geo.) Ms. Dean is a Qualified Person ('QP') within the meaning of National Instrument 43-101 and has reviewed and approved the technical information disclosed in this press release related to the Lac Surprise program. Ms. Dean is not considered independent.
Northern Superior announces that further to the Royal Fox Gold Inc. ('Royal Fox') press release dated May 21, 2021 and pursuant to the terms of the Share Purchase Agreement dated November 30, 2020, as amended March 23, 2021 and April 21, 2021, (collectively, the 'Definitive Agreement'), entered into between the Royal Fox, Frank Guillemette (the 'Principal Shareholder'), Jonathan Girard and Jean-Francois Girard (together with the Principal Shareholder, the 'Vendors'), Royal Fox purchased from the Vendors, all of the issued and outstanding common shares in the capital of 9396-1217 Quebec Inc., which transaction closed on May 27, 2021 (the 'Closing Date'), whose sole asset is 100% of the common shares in the capital of 9220-5392 Quebec Inc. o/a Mines Royales Quebec ('MRQ'). Pursuant to the provisions of the Definitive Agreement, as part consideration for the acquisition of 9396-1217 Quebec Inc. Royal Fox agreed to issue $3,000,000 worth shares to the Vendors in three (3) equal instalments on each of: (i) the twelve (12) month anniversary of the Closing Date (the 'First Instalment'), (ii) the eighteen (18) month anniversary of the Closing Date (the 'Second Instalment'), and (iii) the twenty four (24) month anniversary of the Closing Date (the 'Third Instalment'), in each case at an issue price per share equal to the volume weighted average trading price of the shares for the 20 trading days prior to the date on which such instalment is due. As a result of the Company's acquisition of Royal Fox on November 4, 2022, Northern Superior assumed Royal Fox's Second Installment and Third Installment payment obligations.
The Company announces that it has issued an aggregate of 2,293,051 common shares of the Company 'Common Shares') at an issue price of $0.4361 per share for the settlement of the Second Instalment and 2,119,541 Common Shares at an issue price of $0.4718 per share for the settlement of the Third Instalment (collectively, the 'Consideration Shares') to the Vendors. The Consideration Shares will be subject to a statutory hold period of four months plus a day from the date of issuance, which hold period will expire on October 3, 2023. Moreover, 30% of the Consideration Shares were deposited in escrow and will be released to the Vendors in accordance with a TSXV Form 5B Escrow Agreement dated May 21, 2021, among the Vendors (and others), Royal Fox and TSX Trust Company.
Pursuant to the Definitive Agreement, Mr. Frank Guillemette was issued 4,305,405 Common Shares. Immediately prior to the issuance, Mr. Guillemette held, directly or indirectly, 8,924,373 Common Shares and 60,000 stock options. Upon completion of is issuance, Mr. Guillemette will beneficially own or control 13,229,778 Common Shares of the Company and 60,000 stock options, representing approximately 9.32% of the Company's issued and outstanding Common Shares on a non-diluted basis and approximately 9.37% of the Company's issued and outstanding Common Shares on a partially basis. Depending on market and other conditions, or as future circumstances may dictate, Mr. Guillemette may from time to time increase or decrease its holdings of Common Shares or other securities of the Company. A copy of the early warning report will be available on the Company's issuer profile on SEDAR at www.sedar.com.
The Company is also pleased to announce that, further to its press release dated May 2, 2023, Rockland Resources Ltd. (CSE: RKL) ('Rockland') has fully exercised its option to acquire the Wapistan property from Northern Superior, by accelerating its final option payment of $200,000 and its issuance of an additional 5.4M Rockland shares. Northern Superior has retained a 2% NSR on the property, 1% of which may be re-purchased by Rockland for $1M.
Lastly, the Company has engaged Independent Trading Group ('ITG'), a Toronto based IIROC dealer-member to assist with market making activities. ITG is Canada's only brokerage firm dedicated specifically to professional trading. As Canada's foremost market making firm, ITG provides market making and liquidity provider services that are objective and focused. ITG employs real traders and provides real liquidity, with an underlying emphasis on integrity and success. The Company has agreed to pay ITG a fee of $6,000 per month for the duration of the contract, with an initial term of three months, followed by consecutive one-month terms unless cancelled by either party on 30-day notice.
About Northern Superior Resources Inc.
Northern Superior is a gold exploration company focused on the Chapais-Chibougamau Camp in Québec. The Company has consolidated the largest land package in the region, with total land holdings currently exceeding 62,000 hectares. The main properties include Philibert, Lac Surprise, Chevrier and Croteau Est. Northern Superior also owns significant exploration assets in Northern Ontario highlighted by the district scale TPK Project.
The Philibert Project is located 9km from IAMGOLD Corporation's Nelligan Gold project which was awarded the 'Discovery of the Year' by the Québec Mineral Exploration Association (AEMQ) in 2019. To date, more than C$13 million (historical value) have been spent on the Philibert Project, with more than 75,000 metres of drilling completed. The Philibert Project is owned by SOQUEM; the Company is currently undergoing an ownership option process, details of which can be found in the corporate presentation. Chevrier hosts an inferred mineral resource of 652,000 ounces Au (underground and open pit) and an indicated mineral resource of 260,000 ounces Au. Croteau Est hosts an inferred mineral resource of 640,000 ounces Au. Lac Surprise hosts the Falcon Zone Discovery, interpreted to be the western strike extension of IAMGOLD Corporation's Nelligan Deposit.
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP, and the OTCQB Venture Market under the symbol NSUPF. For further information, please refer to the Company's website at www.nsuperior.com or on SEDAR (www.sedar.com).
Northern Superior Resources Inc. on Behalf of the Board of Directors
Simon Marcotte, CFA, President and Chief Executive Officer
Simon Marcotte, CFA
President and Chief Executive Office
Tel: (647) 801-7273
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words 'may', 'would', 'could', 'will', 'intend', 'plan', 'anticipate', 'believe', 'estimate', 'expect' and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the applicable securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Appendix Table 1: Reported Assay Results, Exploration, True widths are not known at this time.
Appendix Table 2: Drillhole Collar Locations, UTM Zone 17
 NI 43-101 Technical Report Mineral Resource Estimation for the Chevrier Main Deposit, Chevrier Project Chibougamau, Quebec, Canada, October 20, 2021, Prepared in accordance with National Instrument 43-101 ('NI 43-101') by Lions Gate Geological Consulting Inc. IOS Services Géoscientifiques Inc. for Northern Superior Resources Inc.
 Chalice Gold Mines Limited and Northern Superior Resources Inc. Technical Report on the Croteau Est Gold Project, Québec, September 2015, Prepared in accordance with National Instrument 43-101 ('NI 43-101') by Optiro Pty Ltd ('Optiro') to Chalice Gold Mines Limited and Northern Superior Resources Inc.
SOURCE: Northern Superior Resources Inc.
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